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Category: Business, Economics and Finance / Industry

'Buyers interested' in electrical company White and McAllister

Friday, 29 Apr 2016 10:47:53 | Michael Atkin

Tasmanian electrical company White and McAllister employs about 60 people. (Supplied)

The administrator of Hobart-based electrical company White and McAllister hopes to start negotiating a sale as early as next week.

The Tasmanian company, which was established in 1961, employs about 60 people, including about 50 tradesmen, and is now operating under administration.

The union representing electrical workers, the Communications, Electrical and Plumbing Union, said management issues were to blame for the financial woes.

White and McAllister was placed into administration this week after running into severe difficulty in the past financial year.

Administrator Barry Hamilton said he had had strong interest from multiple parties and hoped to secure a deal soon.

"The company is well-branded and well-known, and we've been approached by a number of people wishing to express an interest in the purchase of the business," he said.

"We obviously want to see a deal that remains with as many people employed as we can.

"If I sold it for a very cheap price, I could find a person very quickly, but we're obviously looking to maximise return for creditors.

"There will be some negotiations, but I think we would be looking to try to work fairly vigorously through that next week."

Mr Hamilton said he was considering whether to prepare a report for the corporate regulator ASIC about the reasons the company came unstuck.

He stressed he was yet to reach any conclusions about mismanagement, including potential breaches of corporate law.

"If we identify any breaches then we must lodge a report with the Australian Securities and Investments Commission, and we must disclose to creditors if there are any transactions that may be recoverable," Mr Hamilton said.

A meeting of creditors has been called for May 6.

AustraliaPlus


 

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